[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper spot premiums are expected to continue weakening, but the discount will be limited. During the morning trading session, the price spread between futures contracts narrowed, with arbitrageurs slightly reducing premiums to secure profits. If copper prices stabilize tomorrow, premiums are not expected to fluctuate significantly.

Commodities giant BHP has made what CEO Mike Henry described as “a strong start to the year”, with solid operational performance and record output from key assets underpinning a constructive outlook for the world’s biggest miner by market value.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 200-120 yuan/mt today, with an average discount of 160 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 84,650 to 84,880 yuan/mt, with an average of 84,765 yuan/mt, down 765 yuan/mt from the previous trading day.

On Tuesday, October 21, Citi stated that in the short term, they expect gold prices (previously bullish, now turned bearish) to reach a target of $4,000 per ounce within the next 0–3 months.

SMM Morning Meeting Minutes: LME copper opened at $10,639.5/mt overnight, fluctuated upward initially and touched a high of $10,658.5/mt, then the center of copper prices gradually moved downward to a low of $10,542/mt, fluctuated considerably afterward, and finally closed at $10,596.5/mt, down 1.08%, with trading volume reaching 17,000 lots and open interest at 319,000 lots. The most-traded SHFE copper contract 2512 opened at 85,300 yuan/mt overnight, touched a high of 85,390 yuan/mt initially, then fluctuated downward to a low of 84,500 yuan/mt, after which the center of copper prices gradually moved upward and finally closed at 85,020 yuan/mt, down 0.6%, with trading volume reaching 66,000 lots and open interest at 229,000 lots.

SMM Analysis: China's copper foil (HS codes: 74101100, 74102190) imports in September 2025 reached 6,508.93 mt, up 7.28% YoY but down 4.60% MoM. Cumulative copper foil imports from January to September 2025 totaled 59,997.34 mt, up 2.20% YoY...